The housing crisis hit California harder than any state except Florida. In addition, California's considered "bank friendly," because lenders don't have to go to court to foreclose on home mortgages. So, when the Assembly and Senate took up the so-called "Homeowners' Bill of Rights" yesterday, the Wall Street Journal called it the nation's "biggest showdown between lenders and lawmakers." Attorney General Kamala Harris pushed hard to get the measure passed in both houses, and she's claiming a big win.
Is California Giving Troubled Homeowners a Break?
Brian Nelson - Office of the California Attorney General, Christopher Thornberg - Beacon Economics, Paul Leonard - Center for Responsible Lending - @CRLONLINE, Richard Green - USC Lusk Center for Real Estate - @keynesianr